GRAINS-Soybeans firm, USDA's lower export estimate curbs price upside
BEIJING, Jan 13 (Reuters) - Chicago soybeans futures edged higher on Tuesday, recouping some of the previous session's losses, although prices traded close to their lowest in more than a week as a key U.S. government report estimated lower exports.
Wheat also firmed and corn fell.
FUNDAMENTALS
The most-active soybeans Sv1 added 0.14% to $10.50-1/2 a bushel by 0125 GMT and wheat Wv1 rose 0.1% to $5.11-3/4 a bushel. Corn Cv1 fell 0.12% to $4.21 a bushel. Soybeans fell to its lowest since January 2 on Monday.
The U.S. Department of Agriculture estimated that U.S. farmers produced a larger-than-previously reported soybeans harvest and lowered exports estimates in the current crop year.
U.S. soybean production reached 4.262 billion bushels last year, up from the USDA's December estimate of 4.253 billion bushels, the agency said.
It kept the average yield unchanged at 53 bushels per acre. Analysts had expected production to drop to 4.229 billion bushels, with an average yield of 52.7 bushels per acre.
The estimates pose bearish news as President Donald Trump's trade war with China has chilled demand from the world's biggest importer.
In Brazil, the world's top soybean exporter, farmers had harvested 0.6% of their 2025/26 soybean crop as of last Thursday, agribusiness consultancy AgRural said on Monday, exceeding the 0.3% reported a year earlier.
On Tuesday, Chinese state agency Sinograin will auction 1.1 million tons of imported soybeans as the state stockpiler works to make room for arriving U.S. shipments.
Commodity funds were net sellers of CBOT corn, soybeans and wheat. CBOT/FUNDS
MARKET NEWS
A surge in Japanese shares led Asia higher on Tuesday amid investor bullishness over all things AI, while the cloud of uncertainty over Federal Reserve independence favoured gold even as it weighed on the dollar.MKTS/GLOB
DATA/EVENTS (GMT)
1330 US Core CPI MM, SA Dec
1330 US CPI YY, NSA Dec
1330 US CPI Wage Earner Dec
1500 US New Home Sales-Units Oct
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